MBS RECAP: Wage Growth Breakout Prompts Bond Yield Breakout

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Posted To: MBS Commentary

Today's bond market wrap is as simple as the headline. Average hourly earnings or AHE is occasionally responsible for some impressive moves in bonds. Today was one of those days. Part of the problem was that there wasn't really any weakness in the payrolls number to offset the wage gains. Granted, previous months had some downward revisions, but the biggest one was all the way back in June. July's revision was then perfectly offset by August's 'beat' (i.e. -10k revision to last month and today's NFP beat the forecast by 10k). All that to say that there was some extra focus reserved for any other standout line items in the data. Average hourly earnings stood out because August's numbers took the annual numbers past an important ceiling, 2.9% vs 2.8%. We've...(read more)

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